Ghana’s economy recorded a slowdown in the fourth quarter of 2024, expanding by 3.6% year-on-year, a sharp decline from the 7.2% growth in the previous quarter, according to provisional data from the Ghana Statistical Service (GSS).
The downturn was largely driven by contractions in mining and quarrying, which shrank by 8.2%, and the cocoa sector, which plunged by 21.4%, marking its sixth consecutive quarterly contraction.
At current prices, the value of Ghana’s economy stood at GH₵331.1 billion, with the non-oil economy valued at GH₵324.3 billion. In 2024, annual GDP (all-inclusive, non-oil, and non-gold) surpassed GH₵1 trillion for the first time. The GDP (oil and gold) was GH₵1.17 trillion, GDP (non-oil) was GH₵1.12 trillion, and GDP (non-gold) was GH₵1.08 trillion.
Speaking at a press briefing in Accra on March 10, 2025, Government Statistician Samuel Kobina Annim attributed the economic slowdown to a weak performance in the industry sector, which grew by only 0.2% in the last quarter.
“The slowdown in the economy in the last quarter of 2024 was largely due to the industry sector growing by just 0.2%,” Annim stated.
He explained that the mining and quarrying sector, which accounts for 43% of the total industry sector value, played a significant role in dragging down growth.
“With an 8.2% contraction in mining and quarrying, it had a major impact on the 0.2% industry sector growth and the overall 3.6% economic growth rate,” he said.
Despite challenges in mining, the construction sub-sector showed signs of recovery, expanding for the first time in a year.
“In contrast to previous years that saw contraction in all four quarters of 2024, we saw an expansion in the construction sub-sector,” Annim noted.
The agriculture sector grew by 3.1%, but its performance was hampered by the cocoa sector’s struggles. The 21.4% decline in cocoa reflects ongoing challenges such as unfavourable weather conditions, disease outbreaks, and disruptions in global supply chains.
Cocoa remains one of Ghana’s most crucial export commodities, and its prolonged decline has broader economic implications.
The services sector maintained its position as the largest contributor to GDP, accounting for 49.2% of economic activity. It was followed by industry (31.9%) and agriculture (19.0%).
Prof. Annim also highlighted that mining and quarrying performed well in the first three quarters of 2024, contributing to industry sector growth. However, the fourth-quarter downturn had a significant impact on the overall economy.
“Until the last quarter of 2024, mining and quarrying was performing well. In the first three quarters, we saw positive contributions from both mining and construction,” he observed.
